News : SMSF

Cryptocurrency, Documentation, Investments, SMSF

Failed crypto investments a liability risk

Cryptocurrency Digital assets Investment strategy Trust deed SIS Act SMSF Liability Sole purpose test

SMSF practitioners should check if client funds are correctly holding digital assets as they may become liable for losses if the fund doesn’t permit investments in the asset class.

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AAT, ATO, LRBA, SMSF

SMSF lending ruling not a model to adopt

SMSF AAT ATO Private lending NALI non-arm’s length income BPFN

The ATO has warned an Administrative Appeals Tribunal ruling regarding private lending in an SMSF should not be taken as a model to apply to other arrangements.

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Administration, ATO, Compliance, SMSF

CM&C critical for fund status

Residency SMSF Central management and control test ATO

The ATO has ruled that an SMSF with an inactive member living overseas and unable to meet the central management and control test themselves was still a complying fund for concessional taxation purposes.

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Administration, SMSF, Tax

Capital gain type tax benefit key

Capital gains tax Capital gains SMSF Offset One-third discount

The tax position of an SMSF can be maximised by recognising the types of capital gains ineligible to have the allowable discount applied to them.

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Administration, Investments, LRBA, SMSF

Legacy LRBAs forgotten by lenders

LRBA SMSF Refinancing Legacy LRBAs Lending Loans

LRBAs from banks and lenders who have exited the SMSF space are most likely being under-serviced and advisers and accountants should be encouraging clients to review them to gain the best interest rates available.

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Auditing, Investments, SMSF

Private company valuations unique

Unlisted assets Private companies Valuations SMSF Market value Audit evidence

Different techniques are required to overcome the difficulties of establishing the value of an investment by an SMSF in a private company.

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Administration, SMSF, Superannuation

Clearing house accounts limited

Small Business Super Clearing House SMSF SBSCH Superannuation Guarantee SMSF account

SMSFs using the Small Business Super Clearing House will be limited to nominating only one bank account, but a workaround is possible for funds with a separate account for each member.

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Administration, Compliance, Documentation, SMSF

Old deeds can cause unwanted outcomes

SMSF Trust deed Update Review Death benefits LRBA

There are several triggering events that should necessitate an immediate review of an SMSF trust deed to avoid unintended consequences arising.

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Compliance, Education, SMSF

ATO education course takes shape

ATO Justin Micale SMSF trustee education illegal early access

The ATO will soon release the next stage of its SMSF trustee education material and has asked practitioners to reinforce its messages around preventing illegal early access.

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Investments, SMSF, Strategy

Investment strategy errors shared

The common mistakes SMSF trustees make over the fund’s investment strategy have been highlighted by a senior industry executive.

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